Blockchain technology is able to change the world. And not just through cryptography

Blockchain is a great technology that can be used to improve efficiency. This will make it more popular over the next decade.

The adoption of blockchain technology has increased dramatically over the past three to four years. Each industry is looking at different uses for it. Blockchain has many aspects, from technical to business. However, the industry is growing rapidly makes it difficult to understand all of them.

To understand the evolution of blockchain and the key innovations and benefits it offers, it is best to break the topic down into two categories. The first is cryptocurrency. This covers industries such as financial services and capital markets. Venture capital deals are also covered. Next, we will look at the enterprise world. This is where we discuss how blockchain technology can be applied in different industries.

Enterprise blockchain

Our "Time for Trust" Report was published last year. It covers the top five uses of blockchain technology. These include identity, payment, and financial instruments, provenance, payments, dispute resolution, and contract. These use cases will have an important impact on GDP and global economies.

The most important use case is Provenance or traceability. With the advancement of decentralized technology and the evolution of it, the future will see you need to be able to fully understand your customers and offer transparency. If you buy expensive medicine for cancer, such as chemotherapy, you need to be sure that the product is authentic and not counterfeit. Blockchain technology is able to solve this problem. The same applies to buying. haute couture expensive clothes, cars, etc. Buyers who spend a lot must ensure that the items they buy are authentic. This is why supply chains could be a great use case for blockchain, especially in the next decade.

The second use case is around peer-to-peer trading. How does P2P trading work within the supply chain? It revolves around the logistics market. For example, let's say a company wishes to ship a container from Amsterdam into Australia. It must be sent to a transport company. They will then move the container onto a ship and it actually goes ahead. Transport providers are available on the other side of the trade. They do the same. They load the container, then make sure it is sent to the importer. What if there was a platform or marketplace that allowed you to see the shipping schedules of ships in your area? You don't even need to use a middleman if you see a space. This is how the future will look with decentralized technology.

The third, and last bucket, is next. Document sharing. How do you digitally store your bills of lading and letters of credit? You can store your documents in a cloud service, but it is easy to hack a PDF. Transport companies have had to deal with fraud that amounts to millions or billions of dollars. They have had to stick with paper documents as they know the paper is proof and has tangible evidence. Blockchain allows you to add a timestamp to track exactly how documents are generated, from where they came from, who opened them, and who edited or modified them.

It's possible to track everything, but that takes a lot of time. Many business cases have already been solved. One example is a bill of lading. Only one document is stored on the blockchain. It also saves you a hundred dollars per container. This can be multiplied by the number shipped each day and it becomes a business case worth billions. This use case has huge potential. These are the three buckets of the supply chain.

Mixed feelings about blockchain

Now the question is: What's the current status quo? This topic is controversial because blockchain technology is extremely complex. It's not like the internet of things. It's IoT. This is how it works. This is what IoT does.

What does blockchain actually do? This is the technology that hides behind the curtain. It is the technology behind the curtain that people have difficulty understanding. It's not necessary to explain HTTP in detail. You can simply take your website and do what you like. This is the topic we are referring to. This is the real topic.

Second, there is a lack of knowledge and understanding about blockchain. It consists of five aspects: immutability encryption distribution tokenization and decentralization.

These are the five elements, and blockchain tech has already established immutability encryption distribution. Companies now need to take a major leap toward tokenization and decentralization. Businesses need to be able to comprehend the tokenization model and how it can be integrated into their business models. Companies must also be able to understand the different types of tokens (fungible, nonfungible, and security tokens).

Companies should have a deeper understanding of this topic. This will allow them to understand how it affects their business and solve the problems than it solves.

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What's next in the future and what will happen in the next one?

The first and most important topic is interoperability. In the past five years, the landscape has changed dramatically. When you look at the evolution of the internet, VPNs were available in the nineties. The bubble boom followed and made the internet popular. You don't see any difference between companies that use VPNs and those that use the internet today. This is how private and public blockchains can work together. There is no doubt that public blockchains will win.AndPrivate blockchains will win. This interoperability topic is real and on the market. However, there is still a lot of work to do. These are the solutions and companies that will be developing them over the next five years.

The second topic concerns how we communicate.IntegrateBlockchain is not a front-end technology. It is therefore extremely important. It's also extremely strategic as it involves multiple companies. However, blockchain technology is still a backbone. It's not as if blockchain solves all problems in your company. Companies need to learn how to incorporate it as part of their digital transformation. We need to examine how these technologies can be integrated with the existing environment. This is an important topic. It is essential. This is a very important topic.

This is my third favorite topic in futuristic topics. It's everywhere GovernanceThis includes blockchain governance as well as supply chain governance. This is how we manage supply chain stakeholders in the ecosystem. This is also a key area that we need to work on.

The fourth topic revolves around the business model because companies often forget that they need to make money and save money. Sometimes blockchain solutions fail because they are not able to do this. How can we make paperless business models possible? How do we generate revenue from it? How can we share revenue with different partners if we are making it?

These are my top five topics and they will play a key role in the growth of the blockchain ecosystem over the next five years. They will also help the blockchain reach the next level. This technology will gradually reach mass adoption. Incorporating it into a company's business strategy will enable them to lead the digital economy and ensure the future of their business.